We make fun of the state run businesses of old communist regimes, how wasteful they were, how mismanaged they were, how they produced stuff nobody wanted and so on. I'm increasingly getting a similar feeling for VC fueled tech. It's all smoke and mirrors of hype (was blockchain or web3.0 yesterday, AI and quantum today). There is so much wasted money, especially after quantitative easing and negative interest rates of the past decade.